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TMI Blog2021 (1) TMI 948X X X X Extracts X X X X X X X X Extracts X X X X ..... he condonation of which has been sought by Ld. AR on the strength of condonation petition dated 10/04/2019 which is supported by the assessee's affidavit. It has been submitted that the appellate order got misplaced by assessee's staff and the same remained to be communicated to assessee's Chartered Accountant. This fact came to light upon receipt of show-cause notice u/s. 274 r.w.s. 271(1)(c). Thereafter, the assessee took immediate step to file the appeal. Upon perusal of these documents, the bench formed an opinion that the assessee successfully established reasonable cause in late filing of appeal and therefore, the delay is condoned and we proceed to adjudicate the appeal on merits. 3. We have carefully heard the rival sub ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion thus came to Rs. 1.50 Lacs which was added to the income of the assessee. The stand of Ld. AO, upon confirmation by Ld. CIT(A), is in further appeal before us. 5. The Ld. DR placed reliance on Google search results for the submission that the rental value as estimated by Ld. AO was in line with the prevailing market prices and therefore, the addition may be confirmed. The Ld. AR, on the other hand, submitted that the rental income as offered on the basis of Municipal Valuation was correct approach as held in various judicial decisions. 6. So far as the factual matrix is concerned, the same is not under dispute. It is evident that the assessee has offered the deemed rental value on the basis of Municipal Valuation. The property has not ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing Value (ALV) of the property could not exceed Standard Rent as per the Rent Control Legislation as applicable to the property and the Standard Rent is the upper limit. ALV of the property has to be determined at sum at which property might reasonably be let out between willing parties. We find that the methodology as adopted by Ld. AO to estimate the income @8% of value of the property is not in accordance with the above principles laid down by Hon'ble Court and therefore, the same could not be sustained. Nothing has been brought on record by Ld. AO that the aforesaid estimation was the approximate sum between willing parties. The assessee, on the other hand, has offered the rent on the basis of Municipal Valuation which is in accord ..... X X X X Extracts X X X X X X X X Extracts X X X X
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